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Found 8 results

  1. Not sure which message board to post this. Client is purchasing life insurance [contractual protection insurance?] from a Lloyds specialty broker to provide coverage to key executives above what is available in group plan. Client will be owner and pay premiums, but executive will be able to name beneficiary. Can the client impute income to executives based on Table I rates, and then the benefits paid would be received tax free? Or does the full premium amount need to be included as taxable income like a 162 bonus plan? Or will death proceeds be taxable to estate, or as income in respect of a decedent, or taxable to the beneficiary?
  2. Not sure which message board to post this. Client is purchasing life insurance [contractual protection insurance?] from a Lloyds specialty broker to provide coverage to key executives above what is available in group plan. Client will be owner and pay premiums, but executive will be able to name beneficiary. Can the client impute income to executives based on Table I rates, and then the benefits paid would be received tax free? Or does the full premium amount need to be included as taxable income like a 162 bonus plan? Or will death proceeds be taxable to estate, or as income in respect of a decedent, or taxable to the beneficiary?
  3. When is a contribution considered to be made "by the tax filing deadline?" in regards to being deductible for that plan year? We have a client who waited until the last day to file their taxes - and to submit their annual employer match on that same afternoon. The submission missed the record-keeper's daily cut-off for the ACH pull, so funds were not pulled from the employer bank account until the next day - the day after their tax filing deadline. The funds were deposited to the plan's trust the following day. Is the contribution considered "made" when the transaction is submitted online? Or when the ACH actually pulls? Or when the assets are actually deposited to the trust? Thank you for any assistance!
  4. I have had green card for 18years. I have been living outside US for 8 years. I have not visited US in the last 4years due to family issues and I was told my greencard is no longer valid. I was advised that I should surrender my green card and re-apply for new green card (through my family). My question: If I surrender my green card, what will happen to my IRA (it was established during the time I worked in US for the 1st 10 years of my career)? Are there any tax implications and will I be forced to withdraw from my IRA or can I leave it there until retirement age even though I will no longer be a green card holder? Thanks
  5. Hello All, Quick question on a scenario: We have a participant who is taking a hardship from the plan. For argument sake, say the plan allows only hardship withdrawals from Employee money. She has 10,000 in employee money available for hardship (after all necessary calculations), and 10,000 in employer match money NOT available for hardship. If she elects to take out 9,000 (backup permitting) AND gross up 20% for taxes, are we able to take out 11,250 so she nets out to 9,000 or are we limited to 10,000 - leaving her with a net check of $8,000? I believe we are able to take fee's past the limit (for example a $10,000 withdrawal and then a $100 fee from the Employer Money) but this seems like a different scenario My feelings and around the office is that you are limited to $10,000, with a net check of $8,000. The logic being that if there is not that limit then you could have scenarios where someone elects 10,000 withdrawn and then another 10,000 "withheld for taxes" to skirt around the Employer money limitation. Could not find much on this in research. Thank you in advance for the help!
  6. Can IRA owner rollover error be repaired during current tax year cycle? In February, 60 year old IRA owner takes $8,000 distribution. In March, replaces funds as a “Rollover Contribution”. In December, changes IRA custodians, UNFORTUNATELY, Original custodian sends check made out to IRA owner’s name (e.g. a rollover) instead of new Custodian’s name (e.g. a custodian-to-custodian transfer). IRA owner deposits check in new IRA with Custodian B. Since IRA owner has not completed tax forms for the year, can he remedy through re-characterization? For example: Re-characterize $6,500 of the $8,000 March Rollover Contribution as a Regular Contribution, Withdraw the extra $1,500 as an excess contribution, Deposit the extra $1,500 as a regular contribution to spouse IRA to mitigate the income tax? Or are other remedies available, given that this is within the current tax year cycle?
  7. Example: 4 family members own a s corp biz (mom, dad and adult children), no other EEs. They currently pay the same salaries for all 4 (~30k/yr). They sold the assets of the business (~1.5M) early this year but retain the entity, which is now flush with cash. Just over 1M is not basis so subject to form 1231 cap gains.In order to minimize cap gains, we are considering a combination of 1) reallocation of equity (gifting some by parents to children using small part of lifetime gift exemption before eoy to keep cap gain liability at 15% (they should have gifted the equity before the sale but besides the point), and 2) starting a k/ps/cb plan to reduce AGI from 1120s, but naturally considering adjusting comp before eoy to get to funding levels for the ps/cb that make sense. Since the income of the business was minimal (sold early in the year), they will show significant loss of income in the business due to ER contributions to owners for ps/cb plan. However, they own several other businesses (no EEs other than the same owners) that will pay a management fee to the original co or the original may just become a holding co for the rest, to be determined, but income will flow into the entity after this year. My question is: 1) is there a limit to deductibility for ps/cb plans for an all owner/family relation company w no other EEs? 2) can losses due to contributions be carried forward like other corporate losses? Thx!
  8. What is used to determine the tax year for reporting a distribution - is it the distribution check date or the settlement date for the request? Trying to confirm what is correct for end of year distribution requests. For example, if a distribution is requested (on plan website) on December 30, 2013and the trades settle on December 31, 2013 and the check is issued and dated January 2, 2014, should the 1099-R be a 2013 form, or a 2014 form? What is the key date - settlement or check? I know that constructive receipt is noted in ERISA Online, but references do not specifcally note for tax reporting purposes(for 1099-R reporting).
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